EXHIBIT 99.1


On August 19, 1998 the Registrant issued the following press release:

"AmeriVest Properties Inc. Acquires Additional Office Buildings

ARVADA, Colo., Aug.  19/PRNewswire/ -- AmeriVest Properties Inc. (Nasdaq:  AMVP)
today  announced  that it has  completed  the  acquisition  of four bank  office
buildings in Texas. The total purchase price was $3,625,000.  The purchase price
included the assumption of existing debt of approximately $1,672,000 and cash of
approximately  $1,953,000 which was received from refinancing the Company's four
self-storage  facilities.  The  refinance  of  three  of the  four  self-storage
facilities was provided by an affiliate of Goldman,  Sachs & Co., and the fourth
was refinanced by a bank.

The four buildings,  with a total square footage of approximately  60,200 square
feet,  are leased  primarily to NationsBank  under  long-term  leases.  James F.
Etter,  CEO of AmeriVest  Properties,  stated,  "These four  properties will add
approximately  $280,000  or $.17 per  share,  in  funds  from  operations  on an
annualized  basis  to the  overall  operations  of  the  Company.  These  office
buildings were acquired  effective  August 18 and will contribute  positively to
our operations in the 3rd and 4th quarters." These  acquisitions bring the total
number of properties  acquired by AmeriVest this summer to 15,  covering a total
of 260,000  square feet and  estimated  to add  $560,000  or $.37 per share,  in
aggregate funds from operations, which is prior to payment of debt service.

Certain matters  discussed in this release are  forward-looking  statements that
are subject to risks and uncertainties that could cause actual results to differ
materially from those projected.  Such risks and  uncertainties are disclosed in
the Company's past and concurrent filings with the U.S.  Securities And Exchange
Commission.  They include, but are not limited to, the risks and of locating and
acquiring properties on favorable terms to the company.

AmeriVest Properties Inc., with its principal office in Arvada,  Colorado,  owns
19 small office buildings,  a commercial industrial showroom building,  and four
self-storage properties. Its common stock and warrants trade on the Nasdaq Small
Cap Market under the symbols 'AMVP' and 'AMVPW.'

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